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 Replies: 21 / Views: 3,264 |
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New Member
Puerto Rico
16 Posts |
What are those mistakes you have done when buying and/or collecting coins?
What you learned about those mistakes?
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Pillar of the Community
United States
1695 Posts |
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Valued Member
United States
338 Posts |
I think I was too concerned with building sets.
I put together complete sets of many series.
Those coins are all raw and of various grades.
While it was fun I could have put that money into high grade slabbed coins.
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Valued Member
United States
344 Posts |
As my brother puts it "you pay money for money" so I guess the whole hobby is a mistake (JOKING).  The biggest mistakes I've made so far is not buying something when I wanted it and not asking questions or making offers. |
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Bedrock of the Community
United States
20753 Posts |
Getting started in this never ending hobby.
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Rest in Peace
United States
17900 Posts |
Not attempting to rob a bank when I was 5. No clad yet, so I guess I'd have to have a good truck to haul all that silver.
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Rest in Peace
United States
18456 Posts |
Buying coins without photos from an online dealer . Now will not buy or bid on coins without a couple of nice pics .  |
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Pillar of the Community
 United States
3058 Posts |
Buying early coppers before I knew what they were worth...
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Pillar of the Community
United States
4211 Posts |
 and most of them..... |
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Valued Member
United States
97 Posts |
Filling holes. I've gotten much better over the years at buying one quality coin at a time and not worrying about completing sets.
The second was starting a set like Standing Liberties without doing due diligence about what was available and how realistic it was to identify and obtain coins that would meet my expectations. I've moved on from that set and not regretted a day since. Now I have some nice coins for my type set!
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Pillar of the Community
United States
2202 Posts |
I received a piece of direct mail from a respected coin investment house listing a bunch of coins that, in their words, are guaranteed to go up in value.
So I bought about five of the coins. I think I spent about $500 total.
Well, after about three years of holding the coins, not only had they not gone up in value, they had decreased. So I cut my losses and sold them to another dealer, losing about $150 in the process.
It's difficult to call it a mistake, because all signs pointed toward it being a smart move. It's sort of like putting money into the stock market and the investment doesn't pay off. It happens all the time.
Edited by jpsned
06/21/2017 9:30 pm
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Pillar of the Community
United States
1609 Posts |
Buying a large cent with a big ol gouge on the forehead.
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Valued Member
United States
124 Posts |
Buying the 2007-s NGC proof 70 presidental dollar set for $199 back in 2007. Now I know it's only worth face value. All modern proofs are just shinny change. I feel dumb for this purchase and almost quit coin collecting but didnt. I still have the set to remind me of never buy modern proofs.
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New Member
 Puerto Rico
16 Posts |
Thanks for all the replies, it's very helpful.
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Moderator
 United States
14463 Posts |
This was my post in this thread Let's be honest now. I'm curious to see,Quote:
When I was much younger, I didn't know any better. I thought my US cents looked dirty, so I took some brass cleaner to them while still in the folder
I have since replaced all the coins and they are in an album now. Live and learn. |
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Pillar of the Community
United States
883 Posts |
I have never made a mistake when buying/collecting coins. Some may feel that all purchases or collections must lead to profit or gain over time but that has never been my goal.
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Replies: 21 / Views: 3,264 |
Posted 06/21/2017 2:00 pm
